Looking for your first home? Now is the time to buy!
Let us show you low- and no- downpayment options today.

Great news! With the many options now available for qualified buyers, you may be able to buy a home sooner than you ever thought possible. Below are 5 mortgage programs that require little or no money down:

Now available for qualified buyers: the new Freddie Mac Home Possible® Mortgage offers reduced rates on private mortgage insurance for low- to moderate-income borrowers.

2. FHA Loans: Downpayments as low as 3.5%

Federal Housing Agency (FHA) loans have the benefit of a low downpayment. Be certain to compare the overall costs of all loan products, including the monthly and long-term costs and conditions of the required mortgage insurance. FHA loans require both an annual Mortgage Insurance Premium (MIP) and an Upfront Mortgage Insurance Premium (UFMIP).

On January 26, 2015, FHA reduced the annual MIP4 that new borrowers will pay by half of a percent. This action is expected to lower the cost of housing for the approximately 800,000 households who use FHA annually.5 For example, on a 30-year fixed mortgage loan with a principal balance of $200,000, the savings to the borrower could be $1,000 a year.

Qualified first-time and move-up borrowers may be able to get a conventional loan for as little as a 5 percent down. In addition, the funds needed to complete the transaction may come from a personal gift from an acceptable donor. This may include funds for all or part of the downpayment, closing costs, or financial reserves.6

4. VA Loans: 0% downpayment

Veterans, active-duty service personnel, and reservists deserve to live the American dream that they help protect. Features of the VA loan program include:

Up to 100% financing for qualified borrowers

Choice of fixed-rate or adjustable-rate products

Funds for down payment—plus all closing costs—can come entirely from gifts, grants and waivers

If you’ve been house hunting in an outlying area, a “Rural Housing” loan is designed to create opportunities for those with limited savings or modest incomes.7 There are no minimum down payment or cash reserve requirements, and closing costs may be financed as part of the loan amount.

There are a variety of downpayment options available. It’s important to note that loans with low downpayment features may require monthly mortgage insurance which could increase the overall cost of the loan. Talk with a home mortgage consultant for additional details. Contact us today for a complimentary consultation.

1 Manufactured housing is not eligible.

2 Acceptable Gift Donors: A relative of the borrower (borrower’s spouse, child, or other dependent, or one related by blood, marriage, adoption, or legal guardianship), a fiancé, fiancée, or domestic partner.

Qualified first time may be able to get a conventional loan for as little as a 5 percent down. In addition, the funds needed to complete the transaction may come from a personal gift from an acceptable donor. This may include funds for all or part of the downpayment, closing costs, or financial reserves.3

1 Manufactured housing is not eligible.

2 Acceptable Gift Donors: A relative of the borrower (borrower’s spouse, child, or other dependent, or one related by blood, marriage, adoption, or legal guardianship), a fiancé, fiancée, or domestic partner.

As an approved lender, we offer USDA loans to qualified borrowers and can help applicants purchase a home with affordable interest rates and loan terms.1

Features:

Budget-friendly benefits — no minimum down payment or cash reserve requirements. Closing costs and fees may be financed as part of the loan amount up to 100% of the appraised value.2

Contributions allowed — Iinterested party contributions of up to 6% and gift and grant funds are permitted

Built-in resale advantage — loans are assumable, with Rural Development approval, giving qualified, future buyers an option to take over the exisiting interest rate.

No or low down payment options may not be the best product for all borrowers. Please consult your mortgage consultant to discuss your financing options.

1. Eligible only for single family, primary residences purchased within the eligible rural areas as defined by the USDA. Credit is subject to approval. Property location, asset and income restrictions apply, and home buyer education may be required.
2. A guarantee fee is charged and collected at the time of closing and can be paid by the buyer or seller, or financed. Loan amounts may exceed the appraised value of the property (e.g. >100% LTV) to include the amount of a financed guarantee fee. This applies only to loans for which all or a portion of the guarantee fee is being financed into the loan.

We offer 3% down, conventional home financing1 for qualifying borrowers.

According to consumer research, the ability to save enough money for a down payment and closing costs is often the main obstacle that stands between potential first time home buyers and homeownership.

In support of first time home buyers who may lack the funds to make a larger down payment and cover closing costs - but otherwise qualify for a mortgage - we offer 3% down, conventional home financing.1

Here are some key features:

3% down payment (97% LTV)

30 year fixed rate mortgage loan

3% down payment and reserves (if required) may be supplied by gift funds

Borrower on the loan must not have owned any residential property in the previous 3 years

1. Low down payment financing options may not be the best option for all borrowers. Consult your mortgage consultant to review potential loan scenarios and financing options to determine the home loan that is right for you.

Fannie Mae released FAQs for the recent forbearance seasoning and mortgage payment guidelines. Please see below for more information:
Is a borrower considered current if they have been making partial payments during forbearance?
No. To be considered current, the borrower must have...

DECADE DROP
Existing home sales figures were ugly in April, dipping to their lowest levels since July 2010 according to the National Association of Realtors® (NAR). The numbers show a 17.2% year-over-year decline and a 17.8% drop between March and April. NAR Chief Economist Lawrence Yun...

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